Avid Bioservices Inc (CDMO)

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November 30, 2015 | By Damian Garde

Bristol-Myers and AbbVie win FDA approval for a 'breakthrough' myeloma treatment

Partners Bristol-Myers Squibb ($BMY) and AbbVie ($ABBV) picked up a speedy FDA approval for their cancer immunotherapy, preparing to launch a key cog in each company's oncology pipeline.

The injection, developed as elotuzumab, is designed to train the immune system's attention on a protein called SLAMF7, expressed by tumor cells that might otherwise go unnoticed by the body's natural defenses. The FDA approved it to treat multiple myeloma alongside Celgene's ($CELG) Revlimid and the generic corticosteroid dexamethasone, indicating the antibody for patients who have already received at least one prior treatment.

The approval comes about three months ahead of schedule and follows a flurry of FDA activity in multiple myeloma. Earlier this month, the agency approved Takeda's Ninlaro, which joins Johnson & Johnson's ($JNJ) Darzalex and Novartis' ($NVS) Farydak among multiple myeloma treatments cleared this year